1. life insurance for a specified amount which is payable to the insured person at the expiration of a certain period of time or to a designated beneficiary immediately upon the death of the insured;
The Collaborative International Dictionary of English v.0.48:
Insurance \In*sur"ance\, n. [From Insure.]
1. The act of insuring, or assuring, against loss or damage
by a contingent event; a contract whereby, for a
stipulated consideration, called premium, one party
undertakes to indemnify or guarantee another against loss
by certain specified risks. Cf. Assurance, n., 6.
Note: The person who undertakes to pay in case of loss is
termed the insurer; the danger against which he
undertakes, the risk; the person protected, the
insured; the sum which he pays for the protection, the
premium; and the contract itself, when reduced to form,
the policy. --Johnson's Cyc.
2. The premium paid for insuring property or life.
3. The sum for which life or property is insured.
4. A guaranty, security, or pledge; assurance. [Obs.]
The most acceptable insurance of the divine
5. Hence: Any means of assuring against loss; a precaution;
as, we always use our seat belts as insurance against
Accident insurance, insurance against pecuniary loss by
reason of accident to the person.
Endowment insurance or Endowment assurance, a combination
of life insurance and investment such that if the person
upon whose life a risk is taken dies before a certain
specified time the insurance becomes due at once, and if
he survives, it becomes due at the time specified. Also
called whole life insurance.
Fire insurance. See under Fire.
Insurance broker, a broker or agent who effects insurance.
Insurance company, a company or corporation whose business
it is to insure against loss, damage, or death.
Insurance policy, a certificate of insurance; the document
containing the contract made by an insurance company with
a person whose property or life is insured.
Life insurance. See under Life.
WordNet (r) 3.0 (2006):
n 1: life insurance for a specified amount which is payable to
the insured person at the expiration of a certain period of
time or to a designated beneficiary immediately upon the
death of the insured